Moody's ups Vostochny Express Bank

Moody's Investors Service said it upgraded the long-term foreign- and local- currency deposit ratings of Vostochny Express Bank to B2 from B3, along with the bank's national scale rating to Baa1.ru from Baa2.ru. The agency also said it affirmed its short-term foreign- and local-currency deposit ratings at not-prime and bank financial strength rating at E+, which equals a baseline credit assessment of B2.

The outlook is stable.

The ratings reflect material improvements to the bank's franchise since February 2007 when the ratings were assigned, Moody's said, as well as its track record of satisfactory financial performance.

The upgrade considers the bank's proven resilience to a global crisis without experiencing any reduction in business activity, or impairing its franchise, the agency said.

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